Senator Mike Lee reintroduced the No CBDC Act on February 6, aiming to prohibit the Federal Reserve from creating a government-controlled digital currency (CBDC). Co-sponsored by Senators Cruz and Scott, this legislation would solidify previous executive actions against a CBDC.

Critics emphasize that CBDCs could lead to severe financial surveillance, similar to China’s digital yuan. Representative Ogles, a co-sponsor, asserts that such currencies are tools for government control, and the bill aims to safeguard Americans from these overreaches.